Scimone Promoted to President of Chase Auto Finance

GARDEN CITY, N.Y.--April 28, 2005--Chase Auto Finance announced the promotion of 27-year industry veteran Joseph Scimone to president of JPMorgan Chase & Co.'s prime auto finance business. He has responsibility for both prime and commercial auto finance and reports to Scott Powell, head of Chase Auto and Student Finance.

Scimone began his career at Ford Motor Co. in 1978 and joined Chase six years later as Northeast Regional Sales and Dealer Service Center Manager. He then became National Collection Executive and Consumer Services Executive. For the last nine years, Scimone has been National Sales and Marketing Executive.

"Joe knows this business extremely well and understands what auto dealers and their customers need from Chase," Powell said. "In his expanded role, he will continue to lead efforts to improve our profitability and expand retail production by leveraging our dealer relationships."

In 2004, Chase Auto Finance generated approximately $25 billion in consumer auto loans through dealers. It has relationships with more than 15,000 auto dealerships across the United States.

JPMorgan Chase & Co. is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. has its corporate headquarters in New York and its U.S. consumer and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.